October 10 - London headquartered air charter broker Air Partner has released its results for the 12 months ending July 31, 2013.
Although revenue was down by 3 percent year-on-year compared with FY2012 to GBP220.6 million, underlying profit before tax rose 31 percent year-on-year to GBP4.2 million.
The Freight division of Air Partner reported significantly lower revenues in FY2013 over FY2012, down 52 percent year-on-year. Air Partner attributed the significant decline to the closure of a large contract in previous financial year. Revenues for FY2013 fell to GBP12.5m (2012: GBP25.9m) and as a result underlying profit for the Freight division decreased to GBP0.2m from GBP0.3m a year earlier. Air Partner says the Freight division remains a key part of its product range.
Revenue from its Commercial Jets arm rose 4 percent, with underlying profit growing by 46 percent. Strong results in its tour operator business offset a decline in government spending. Air Partner's Private Jet division saw revenues grow by 22 percent while underlying profit surged 47 percent. Its JetCard product saw sales and renewals increase by 35 percent year-on-year.
"We are very pleased to be reporting a strong set of results with good progress in the US and good client wins in tour operating, the natural resources sector and across our private jet products as our strategic initiatives deliver," said Mark Briffa, ceo, Air Partner. "These results, along with the Group's overall performance, have been driven by a strengthened management team and the selective hiring of people with key skills. As the economy shows signs of improvement, Air Partner is well placed to continue delivering against its strategy, providing more clients with our unique skills and excellent services," he added.
Moving ahead, the London Gatwick headquartered broker says it will continue to focus its efforts on the US, private jets in Europe, tour operating, and oil and gas and opportunities in emerging markets.